Sec. 38a-451. (Formerly Sec. 38-159a). Trustee as beneficiary of policy.
Sec. 38a-451. (Formerly Sec. 38-159a). Trustee as beneficiary of policy. (a)
Unless prohibited by the policy there may be designated, as beneficiary of any policy
issued by any life insurance company, the trustee of a trust to be created in and by the
last will of the insured or in and by an inter vivos trust. Such designation may direct
payment to such trustee as may qualify and be appointed for such trust. Upon the death
of the insured and the qualification of the trustee of such testamentary or inter vivos
trust, such life insurance company shall pay to such trustee the proceeds of the policy
and other sums, if any, due the beneficiary thereunder. If (1) the insured dies intestate,
or (2) no inter vivos trust is created or no such trust is created in the will of the insured
duly admitted to probate, or (3) if such trust is so created but no trustee thereof qualifies
as such within one year after the death of the insured or if the inter vivos trust has been
terminated, such life insurance company shall pay such proceeds and other sums, if any,
to such contingent beneficiary, if any, as may have been designated for that one of such
contingencies (1), (2) or (3) as has occurred, and, if none was so designated, to the
executors or administrators of the insured.
(b) This section shall apply to all such designations of beneficiary by an insured
dying after June 15, 1965, whether or not a trustee shall be identified by name in the
policy.
(February, 1965, P.A. 230, S. 1, 2.)
History: Sec. 38-159a transferred to Sec. 38a-451 in 1991.